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Bitcoin Price Down Last Week 7 Apr 2016 by Bitcoin Price Down In an Atmosphere of Fundamental Concerns The price of Bitcoin hovers just above $410. You can buy today to risk betting on reward-halving rally too soon, or you can sell now in order to buy in to the later relief rally that will be post-Classic (TM). As it was anticipated, the magenta arrows at top-right of chart indicate that the MACD has gone back to the zero-line and the RSI has reached above 60. Soon the stochastics will group at the maximum value. Reverse divergence was formed by RSI peak to a peak in the past and high isn’t confirmed by the price making similar highs above corresponding price highs. The reverse divergence is likely to see the price continue lowering when bulls get tired. Initial goal should be psychological level of $400, but in case the prices fall further, then $370 is the primary target that comes in to mind. This is what we have planned for either the test of a support in the long-term or break below this support. In case the prices bounce from the level of $400 then the traders should close the leveraged positions and the buy-&-hold speculators return the allocation of funds to 50:50. If the prices don’t decline and just continue going higher then we will wait for buy signal back towards $420 or $430. It seems quite unlikely as the 4-hours chart 20MA is presently descending in to cross-over with 4-hours 200MA. We should wait for sell signal instead of making assumptions. Summary The decline of bitcoin prices is hammering lower. Some of the hopeful bulls are continuing to buy, but money that they are throwing in the market is failing to achieve new highs. ClassicCoin’s announcement is a good strategy to fall back.
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